An overview of the income tax, National Insurance contributions and capital gains tax implications for individuals of acquiring and receiving payments of carried interest in private equity funds. NOTE: This resource is being reviewed in light of the March 2015 Budget. For more information, see Legal update, March 2015 Budget: business tax implications.

An overview of the Construction Industry Scheme, known as the CIS. The CIS is a special tax deduction scheme originally created in 1972. It has taken several forms (and names) since then. It sets out a framework for deducting tax at source from certain payments relating to construction work.

Note: this resource is being reviewed in the light of the Finance Act 2015. For further information about that Act, see Legal update, Finance Bill 2015 receives Royal Assent. This practice note is an overview of the direct tax disclosure regime.

Part 7A of the Income Tax (Earnings and Pensions) Act 2003 counters the use of employee benefit trusts and other intermediaries to reward employees (or their family members) in a way that avoids income tax or NICs. HMRC referred originally to these arrangements as disguised remuneration. Part 7A has the potential to tax many arrangements in addition to the targeted avoidance schemes. This note provides an overview of Part 7A.

This practice note deals with aspects of the UK tax treatment of employment-related securities and securities options acquired by employees and directors who are UK resident, but not domiciled, in the UK.

This practice note gives an overview of the current tax regime for pension schemes in the UK. The note summarises the main rules applying to pension schemes that have registered with HMRC, including those concerning the annual allowance, the lifetime allowance and the availability of tax relief on contributions or accruals. Also considered are HMRC's requirements regarding authorised pensions and lump sums and details the tax charges levied by HMRC on unauthorised payments. The note briefly summarises the pension flexibility reforms being introduced in the UK on 6 April 2015.

Private equity-backed transactions cover a variety of arrangements from early funding (venture capital), management buyouts and buy-ins to secondary buyouts. This note provides an overview of the main tax issues that arise in each of these transactions. It also provides an overview of the taxation of private equity funds and executives. NOTE: This resource is being reviewed in light of the March 2015 Budget. For more information, see Legal update, March 2015 Budget: business tax implications.

This note contains links to practice notes covering: the meaning of "residence" and "ordinary residence" in the context of UK taxation; the meaning of "domicile" and the UK tax implications for individuals of these concepts.

This practice note discusses the UK tax issues that a non-UK company should consider when setting up a business in the UK through a UK subsidiary or permanent establishment, with links to more detailed Practical Law Tax resources on the relevant areas. NOTE: This resource is being reviewed in light of the Finance Act 2015. For more information, see Legal update, Finance Bill 2015 receives Royal Assent.

Note: this resource is being reviewed in the light of the Finance Act 2015. For further information about that Act, see Legal update, Finance Bill 2015 receives Royal Assent. A practice note explaining the tax treatment of travel and subsistence expenses.

A detailed examination of the income tax, National Insurance contributions and capital gains tax implications for individuals of acquiring and receiving payments of carried interest in private equity funds. NOTE: This resource is being reviewed in light of the March 2015 Budget. For more information, see Legal update, March 2015 Budget: business tax implications.

This practice note gives an overview of direct taxes in the UK tax regime. It covers income tax, corporation tax and capital gains tax. It discusses the principles of calculation, rates, payment and compliance, and reliefs (such as capital allowances and research and development (R&D) relief). NOTE: This resource is being reviewed in light of the Finance Act 2015. For more information, see Legal update, Finance Bill 2015 receives Royal Assent.

This practice note explains what domicile is in the context of UK taxation and how it is determined. It does not seek to cover the application of domicile in the context of the conflict of laws, which is beyond the scope of this note.

An overview of the application of the consumer credit regulatory regime to loans to employees or directors made or arranged by the company in the context of an employee share scheme. From 1 April 2014, responsibility for enforcing consumer credit rules has transferred to the Financial Conduct Authority under the Financial Services and Markets Act 2000.

Convertible securities held by employees are subject to special tax rules contained in Chapter 3 of Part 7 of the Income Tax (Earnings and Pensions) Act 2003. This note explains the tax rules with worked examples.

This practice note considers the pensions-related provisions in the Finance Act 2009. The most significant measures related to the then government's plans to restrict pensions tax relief for high-income individuals. These have since been overhauled by the coalition government following the 2010 General Election.

Growth shares and hurdle shares are tax-efficient structures giving employees the ability to invest in the employing company in a cost-efficient manner and with access to capital gains treatment. This is a guide to their establishment and tax treatment.

HMRC and the British Venture Capital Association have agreed two memoranda of understanding intended to offer certainty about valuation and tax treatment of equity interests awarded to managers of target companies and private equity and venture capital providers if certain requirements are met. These memoranda are summarised in this practice note. The memoranda can only relied on in the specific circumstances they relate to, they provide useful guidance to the issues which HMRC will look at in other circumstances.

This note is a general summary of the anti-avoidance rules applying for the purposes of UK income tax and the situations in which one person may be liable for income tax primarily chargeable to another person. It also provides links to notes describing other aspects of the UK income tax rules, such as how income is taxed and exemptions from income tax.

This note is a general summary of the rules for calculating income for the purposes of UK income tax. It also provides links to notes describing other aspects of the UK income tax rules, such as how income is taxed and exemptions from income tax.

This note is a general summary of exemptions and relief from UK income tax. It also provides links to notes describing other aspects of the UK income tax rules, such as how income is calculated for income tax purposes and how income is taxed.

This note is a general summary of the principles underpinning UK income tax. It describes what income is and how it is taxed. It also provides links to notes describing other aspects of the UK income tax rules, such as calculation of income and exemptions from income tax.

This note is a general summary of how losses may be used under the UK income tax rules. It also provides links to notes describing other aspects of the UK income tax rules, such as how income is taxed and exemptions from income tax.

This practice note explores the main tax issues that arise on a private equity-backed management buyout from the perspective of the management team. NOTE: This resource is being reviewed in light of the March 2015 Budget. For more information, see Legal update, March 2015 Budget: business tax implications.

Promoters and in some cases users of certain National insurance contributions (NICs) saving arrangements are obliged to disclose details of those arrangements to HMRC from 1 May 2007. This note sets out the types of arrangements that are caught by those rules, who must disclose and when disclosure must be made.

Note: this resource is being reviewed in the light of the Finance Act 2015. For further information about that Act, see Legal update, Finance Bill 2015 receives Royal Assent. An overview of pay as you earn (PAYE) so far as it applies to employment income dealing, in particular, with the PAYE treatment of cash and notional payments (including the penal tax charge that can arise if an employee fails to make good a tax liability arising on notional payments) whether made during employment or on or after termination. The note also discusses the collection of under-deducted tax and NICs, interest and penalties and real time information (RTI) reporting.

Note: this resource is being reviewed in the light of the Finance Act 2015. For further information about that Act, see Legal update, Finance Bill 2015 receives Royal Assent. This practice note explains when and why an employer can apply for a dispensation from PAYE reporting.

This note provides an overview of private equity funds and executives, including how funds are structured in the UK and their taxation. It also contains links to detailed material on the taxation of the private equity executives. NOTE: This resource is being reviewed in light of the March 2015 Budget. For more information, see Legal update, March 2015 Budget: business tax implications.

This note examines the coalition government's measures to restrict the availability of tax relief on pension saving by reducing the annual and lifetime allowances. As well as looking at the circumstances in which an annual allowance charge is triggered, the note highlights some key practical issues for trustees and employers.

Following the announcement in the 2007 Pre-Budget Report that significant changes would be made to the tax rules governing residence and domicile from 6 April 2008, an avalanche of draft legislation, clarifications, amendments and guidance was published. Further amendments and changes were made as the bill progressed through parliament. In the light of this, we published this practice note to provide, in one place, an explanation of the key changes together with links to HMRC's guidance. However, following Royal Assent to the Finance Act 2008, all the changes relating to residence, domicile and related tax issues have been incorporated into Practice Note, Residence, ordinary residence and domicile: definitions and UK tax implications for individuals. THIS PRACTICE NOTE IS NO LONGER MAINTAINED.

This practice note considers the anti-forestalling measures implemented by the previous government in the Finance Act 2009 in advance of its abortive plans to restrict tax relief on pension saving for high-income individuals. The anti-forestalling measures only applied to pensions tax relief claimed in the 2009/10 and 2010/11 tax years.

Companies sometimes reward an employee with dividend bearing shares. This note looks at the issues that arise. In particular, it considers the tax implications and anti-avoidance provisions that may apply if dividend bearing shares are used to replace salary or bonus.

This practice note explores the main tax issues that arise on a private equity backed secondary management buyout from the perspective of the management team. NOTE: This resource is being reviewed in light of the March 2015 Budget. For more information, see Legal update, March 2015 Budget: business tax implications.

A summary of the discussions of the working groups established to consider the integration of tax and NICs. Note: Currently, consideration of the operational integration of tax and NICs has been put on hold pending the implementation of certain operational changes to the tax system.

A summary of the tax changes for high earners introduced since 6 April 2009 and those which the coalition government proposes will take effect from 6 April 2011, together with examples to illustrate what the changes will mean in practice.

This practice note provides tax data and tables for the current tax year, previous tax years and (where information has been announced in advance) future tax years in relation to the bank levy, capital allowances, capital gains tax, corporation tax, income tax, stamp duty, SDRT, SDLT and VAT.

Note: this resource is being reviewed in the light of the Finance Act 2015. For further information about that Act, see Legal update, Finance Bill 2015 receives Royal Assent. This note considers the effect of income tax and national insurance contributions on income earned by employees in the UK.

Note: this resource is being reviewed in the light of the Finance Act 2015. For further information about that Act, see Legal update, Finance Bill 2015 receives Royal Assent. This practice note describes the tax and national insurance contribution treatment of certain employment-related expenses and benefits for UK resident employees.

A discussion about the tax factors to consider when deciding whether to locate a holding company in the UK, including the territorial scope of UK tax, relief for financing expenses, shareholder tax issues, VAT, stamp duty and anti-avoidance rules (such as transfer pricing).

This practice note covers the tax issues that commonly arise when private equity firms invest venture and development capital in start-up and smaller companies. NOTE: This resource is being reviewed in light of the March 2015 Budget. For more information, see Legal update, March 2015 Budget: business tax implications.

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